Interviews
Exclusive interview with WA. Technology: LatAm’s most established iGaming solutions provider
Offering a level of expertise that few can match in LatAm, WA.Technology has firmly entrenched itself as one of the continent’s most sought-after providers. In our latest exclusive interview, we speak with WA.Technology’s Axel Antillon, Regional Director LatAm, to get the latest on market developments, as well as the level of in-depth personalization required for operators to become a true winner with local players.
For those that might not be overly familiar with WA. Technology, can you give us a brief introduction of who you are as a company?
Of course! WA. Technology is by far one of LatAm’s most established providers, with an incredibly long history of success on the continent. With our team’s 20+ years of experience here, it’s safe to say that we are now viewed as one of the “go-to” providers for the full spectrum of iGaming solutions required for any operator to be a true market leader. Our years of experience have allowed us to become fully entrenched with some of LatAm’s biggest operators and have a thorough understanding of the unique dynamics within each market.
We’re very fortunate that our team consists of top-level professionals across just about all LatAm’s major markets, each of whom have extensive experience in the B2B gambling space. This is something that I believe puts us in an incredibly strong position to not only understand the unique demands of each country, but also allows us to offer the best possible turnkey solutions for our partners across the region. Our long history of success and localised delivery here is a testament to that.
Costa Rica and Mexico are two of WA. Technology’s first LatAm markets. How important have these two been for your journey on the continent?
Costa Rica is ultimately where our journey started. But it is actually Mexico which has proved to be our major platform for expansion in the early years of WA. Technology. And there are a number of reasons for that.
It goes without saying that sports, and particularly gambling, are very much ingrained into Mexican culture. The market has been regulated since 1947, meaning that players are well-versed in gambling products – they know what they like, what they don’t like, and what they expect from operators. From an operator perspective, this ultimately means you don’t have to spend time educating bettors on the different types of products available to them.
If you look at the market’s projections over the next five years, revenue is expected to hit $3.09bn (USD) by 2029, which is very promising. Data from Zendesk Consultancy also suggests that 4.2/10 Mexicans regularly take part in gambling activities – if you compare this to the wider Latin American region, the average is 3.5. This shows just how popular gambling is across Mexico.
The market proved to be a fantastic platform for our expansion further south, with major successes in Brazil and Ecuador following soon after. Peru and Colombia will definitely be next for us – but more on that later.
Given you’re now one of the continent’s most sought-after providers, what’s your current take on market trends and growth outside of Brazil? Which countries offer the best examples of regulation done correctly?
If we start with Mexico, we have seen high volumes of activity across both lottery and casino. Both verticals have proved to be incredibly popular with players. Another trend we have noticed is the increasing adoption of mobile. Of course, this has always been prevalent in the major cities – but that’s now expanding to rural areas at pace, and we’re capitalising on this trend majorly as the balance shifts from retail. Of course, this preference for technology-first experiences makes Mexico an incredibly attractive proposition for operators – and one that we’re leading the way on.
In Peru, the younger, tech-savvier audience is also showing a strong preference for mobile betting compared to retail and desktop. That’s an interesting insight for us given the previous dominance of retail, but that’s changing fast. Looking at demographics, the market also has a fast-growing middle-class which is growing year-on-year, many of whom are not only familiar with the range of betting products at their disposal but also enjoy traditional sports, casino and esports, making this a great market for anyone looking to expand their Latin American footprint.
From a B2B perspective, Peru’s regulatory framework is also very favourable, – and we really commend the government’s regulatory authorities. Introduced in 2023, the legislation gives a solid base for people to invest in the market and for operators to enter and paves the way for a successful long-term operation.
Ecuador’s regulation is again very conducive to good business. The liberal approach allows operators to offer a vast range of betting products, which has really diminished the black market, where players cannot be protected. While the country has flown under the radar for many, it’s definitely one to watch.
Next up is Colombia, which was the first market to regulate in Latin America and has undergone tremendous growth since online was regulated by ColJuegos in 2016. The richness of its festive culture, alongside the acceptance of gambling, makes it arguably a shining example of a market done right. Colombia is a country already accustomed to bingo and lotteries, but still with a lot of growth projection on the strategic level. Live casino is also becoming particularly popular here – with ColJuegos estimating that it was already taking 8% of the market back in 2023.
Peru and Mexico have both been incredibly popular markets in the news recently. What would you say are your main USPs here?
In Mexico, one of our offices is located in Reforma – an area that is very central in Mexico City. Our legal team for this market has extensive knowledge of the local regulations and are able to help operators to obtain a licence from Secretaría de Gobernación (The Ministry of Interior).
We are also able to support our partners when it comes to integrations, including payment gateways, which really sets us apart from the crowd. In addition, we belong to AIEJA, the Gambling Association in Mexico, which helps connect operators to various different suppliers. On top of that, we also have a deep understanding of player preferences and the culture. We know how to reach new audiences; what players want and how best to achieve that too. Localisation is key to our strategy in every LatAm market, and Mexico is no exception.
In Peru, we are currently in the process of receiving our certifications. We are about to conclude the vendor registration, which is expected very soon, which will open the doors for new growth at WA. Technology.
This market has been on our radar for many years now. We have been researching it extensively to fully understand how we can gain a competitive edge and how we can best serve our partners. From an operator perspective, this market is high on the agenda for many domestic and international companies already – in fact, the regulator received 145 licence applications during the pre-registration phase alone!
Peru’s gaming industry has also been growing at a double-digit rate over the last five years, with casino leading the way, followed by sports betting and lottery. Market data suggests that revenue for the country’s online gambling markets could hit US$314.8m this year, with that figure expected to grow to $403.5m by 2028. If the market continues to grow at this pace, the opportunity for WA. Technology will be huge!
It’s safe to say that Peru will undoubtedly be one of our main target markets over the next few years alongside Brazil and Colombia, where we’re also in the process of gaining certification. We’re very excited to see what these markets hold for us!
And what are your USPs for both Ecuador and Costa Rica – given we see less media attention on these markets?
In a word, localisation. This is absolutely essential for any market, but particularly in Latin America where each individual jurisdiction is so unique.
In both Costa Rica and Ecuador, we have been closely monitoring regulatory developments and changes in player behaviours – research that has allowed us to support our own commercial initiatives and help shape our future partnerships with operators in the market. We also offer localised payment solutions, which is incredibly important. There’s not much point in offering a product if your players can’t deposit or withdraw their winnings, right?
We also offer bespoke betting markets for operators across both of these markets. I don’t just mean tweaking the language to suit the local dialect. We provide everything that operators need to engage with players across these markets – be it markets on local football leagues, or products tailored to sports that are popular within that particular market.
This goes beyond sports betting too. On the casino side, we offer a tailor-made solution to operators so they can effectively meet the needs of their player base. Casino games that might be popular in Mexico might not gain the same traction in Costa Rica, for example. Again, this is really where the retail heritage comes into play – and it’s absolutely essential to understand how the unique retail legacy in each market has shaped slot preferences for each country. In a competitive environment of fine margins, edges like these mean we can provide the tools for our operator partners to quickly gain an edge.
Speaking of player preferences, we’ve seen a shift towards the online space in recent years. How do you keep up with changing trends?
As we’ve already covered, you have to remember that many of these markets started off solely focused on the brick-and-mortar space. Players would visit casinos and betting shops, and that’s how they engaged with gambling since the 1990s. Now, however, we have a mix of both online and retail with many of the land-based players now transitioning away from the more social-based area of retail to mobile betting that players can enjoy from home, on the commute or anywhere in between.
To capitalize on this, and after extensive research into what these players enjoyed from their land-based experiences, we asked our casino team to integrate our brick-and-mortar offer into the online space. This has worked incredibly well because it allows players to recognise their favourite products and games and enjoy them from the comfort of their own home.
Last but not least, as a major takeaway for our readers – how can we showcase that you are the best provider when it comes to understanding the market?
We have already touched upon localisation, as that’s a major point for us that no outside platform provider can match. We are demonstrating this by offering local currencies, payment service providers, languages, local betting markets and even the creation of “specials” – betting markets that have been developed particularly for one jurisdiction. For example, we have our own dedicated teams and models to price up the likes of Mexican wrestling, the famous “luchadores” – which again, very few outsiders can match in detail like us!
It also goes without saying that our WA.Platform is also the most comprehensive, solid platform that is available to any operator looking to make a name for themselves on the continent. We offer both scalable and customisable solutions, meaning that operators can continue to drive future growth as they continue to expand their international footprint.
Filipe Senna, sócio da Jantalia Advogados e secretário-geral da Comissão de Direito dos Jogos e Apostas da OAB/DF, analisa a recente decisão no Brasil de bloquear plataformas de mercado preditivo como Kalshi e Polymarket.
Ele argumenta que a medida reflete um passo regulatório necessário para sanar ambiguidades legais em um segmento que se situa entre ferramentas informativas, sistemas de apostas e derivativos financeiros, reforçando a necessidade de coerência e tratamento igualitário nos mercados regulamentados em constante evolução do Brasil.
Por Filipe Senna
O bloqueio de plataformas de mercado preditivo como Kalshi e Polymarket no Brasil, a partir de medida do Conselho Monetário Nacional (CMN) e de orientação da Secretaria de Prêmios e Apostas (SPA), é juridicamente consistente e segue a mesma lógica já aplicada a operadores de apostas ilegais.
A decisão não nasce de um impulso restritivo, mas da necessidade de preservar a coerência de um mercado que passou a ser regulado de forma mais clara nos últimos anos.
Embora essas plataformas se apresentem como instrumentos de leitura da opinião pública, sua atuação prática vai além do caráter informacional.
Parte relevante dos produtos ofertados se aproxima, e em alguns casos se equipara, às apostas de quota fixa reguladas pela Lei nº 14.790/2023. Eventos esportivos disponibilizados nesses ambientes replicam dinâmicas semelhantes às chamadas bolsas de apostas, o que torna difícil sustentar uma distinção material entre um modelo e outro.
Há ainda um segundo ponto sensível. Algumas dessas plataformas oferecem instrumentos que se assemelham a derivativos financeiros, com ativos vinculados a preços de mercado.
Por operarem fora do país, não se submetem às exigências da Comissão de Valores Mobiliários. O resultado é uma assimetria regulatória relevante, na qual empresas estrangeiras competem em condições mais favoráveis do que operadores que seguem as regras brasileiras.
Nesse cenário, o bloqueio cumpre uma função de proteção institucional, ele resguarda tanto o mercado de apostas quanto o mercado financeiro de distorções concorrenciais.
Empresas que atuam no Brasil com autorização precisam cumprir obrigações rigorosas, que incluem recolhimento de tributos, políticas de prevenção à lavagem de dinheiro e mecanismos de proteção de dados.
Permitir que outras operem à margem dessas exigências compromete a isonomia do sistema.
A medida também tem caráter indutor. Caso essas plataformas desejem atuar no país, deverão se adequar ao enquadramento jurídico correspondente ao tipo de produto que oferecem.
Se a atividade se assemelha a apostas, deve seguir a regulação das bets. Se se aproxima de instrumentos financeiros, deve observar as regras aplicáveis a esse mercado. Trata-se de um princípio básico de organização econômica em setores regulados.
Não há violação à livre iniciativa. No ordenamento brasileiro, a liberdade econômica convive com a necessidade de cumprimento de regras, especialmente em atividades que envolvem risco financeiro e impacto social.
A atuação estatal, nesse contexto, busca garantir que a concorrência ocorra em bases legítimas, sem favorecimento indevido a quem opera fora da jurisdição nacional.
Existe, de fato, um componente informacional nesses ambientes. Mercados preditivos podem oferecer sinais úteis sobre expectativas coletivas.
O problema surge quando esse elemento convive com estruturas que reproduzem a lógica de apostas ou de produtos financeiros de alto risco.
Nesses casos, o usuário deixa de interagir apenas com informação e passa a assumir riscos típicos de jogos de azar ou de operações especulativas.
Um exemplo ajuda a ilustrar essa fronteira. Há mercados em que o participante precisa prever, em intervalos de 5 (cinco) minutos, a variação de ativos como o Bitcoin.
A dinâmica, embora apresentada como preditiva, se aproxima mais de jogos de azar ou de mecanismos semelhantes às antigas opções binárias, cuja natureza sempre esteve associada ao risco elevado e à ausência de proteção adequada ao usuário.
Diante dessa zona cinzenta, a postura adotada pelo regulador é prudente. Interromper a atividade permite aprofundar o debate, definir critérios mais claros e evitar que lacunas normativas sejam exploradas.
Só a partir dessa delimitação será possível discutir, com segurança jurídica, eventual regulamentação futura para esse tipo de plataforma.
O objetivo final é preservar um ambiente econômico equilibrado, em que inovação e livre iniciativa possam coexistir com regras claras. Sem isso, o risco não é apenas jurídico, mas também de credibilidade de todo o sistema.
Filipe Senna
Sócio do Jantalia Advogados e Secretário-Geral da Comissão de Direito dos Jogos e Apostas da OAB/DF. Autor do livro ‘A Regulação da Sorte na Internet’
The post A necessária contenção dos mercados preditivos no Brasil appeared first on Americas iGaming & Sports Betting News.
Filipe Senna, Partner at Jantalia Advogados and Secretary-General of the Gaming and Betting Law Commission of the OAB/DF, analyzes the recent decision in Brazil to block predictive market platforms such as Kalshi and Polymarket.
He argues that the measure reflects a necessary regulatory step to address legal ambiguities in a segment that sits between informational tools, betting systems, and financial derivatives, reinforcing the need for coherence and equal treatment within Brazil’s evolving regulated markets.
By Filipe Senna
The blocking of predictive market platforms such as Kalshi and Polymarket in Brazil, following a measure by the National Monetary Council (CMN) and guidance from the Secretariat of Prizes and Betting (SPA), is legally sound and follows the same logic already applied to illegal betting operators. The decision does not stem from a restrictive impulse, but rather from the need to preserve the coherence of a market that has become more clearly regulated in recent years.
Although these platforms present themselves as tools for gauging public opinion, their actual operation goes beyond an informational function. A significant portion of the products offered approaches—and in some cases is equivalent to—fixed-odds betting regulated under Law No. 14,790/2023. Sporting events made available in these environments replicate dynamics similar to so-called betting exchanges, making it difficult to sustain a material distinction between one model and another.
There is also a second sensitive issue. Some of these platforms offer instruments resembling financial derivatives, with assets linked to market prices. Because they operate outside the country, they are not subject to the requirements of the Securities and Exchange Commission. The result is a relevant regulatory asymmetry, in which foreign companies compete under more favorable conditions than operators that comply with Brazilian rules.
In this context, the blocking fulfills an institutional protective function: it safeguards both the betting market and the financial market from competitive distortions. Companies operating in Brazil under authorization must comply with strict obligations, including tax payments, anti-money laundering policies, and data protection mechanisms. Allowing others to operate outside these requirements undermines the system’s fairness.
The measure also has an inducing character. If these platforms wish to operate in the country, they must adapt to the legal framework corresponding to the type of product they offer. If the activity resembles betting, it must follow betting regulations. If it approaches financial instruments, it must comply with the applicable rules for that market. This is a basic principle of economic organization in regulated sectors.
There is no violation of free enterprise. In the Brazilian legal system, economic freedom coexists with the need to comply with rules, especially in activities involving financial risk and social impact. State action, in this context, aims to ensure that competition occurs on legitimate grounds, without undue advantage for those operating outside national jurisdiction.
There is, in fact, an informational component in these environments. Predictive markets can provide useful signals about collective expectations. The problem arises when this element coexists with structures that replicate the logic of betting or high-risk financial products. In such cases, users no longer interact solely with information but instead assume risks typical of gambling or speculative operations.
An example helps illustrate this boundary. There are markets in which participants must predict, in 5-minute intervals, the variation of assets such as Bitcoin. Although presented as predictive, the dynamic is closer to gambling or mechanisms similar to the former binary options, whose nature has always been associated with high risk and insufficient user protection.
Faced with this gray area, the regulator’s stance is prudent. Suspending the activity allows for deeper debate, clearer criteria to be defined, and prevents regulatory gaps from being exploited. Only after such delimitation will it be possible to discuss, with legal certainty, any future regulation for this type of platform.
The ultimate goal is to preserve a balanced economic environment in which innovation and free enterprise can coexist with clear rules. Without this, the risk is not only legal, but also related to the credibility of the entire system.
Filipe Senna
Partner at Jantalia Advogados and Secretary-General of the Gaming and Betting Law Commission of the OAB/DF (Brazilian Bar Association, Federal District chapter). Author of the book ‘The Regulation of Luck on the Internet’.
The post The necessary containment of predictive markets in Brazil appeared first on Americas iGaming & Sports Betting News.
Rafael Brunati y Celso Basílio, abogados de Silveiro Advogados especializados en mercados regulados, derecho corporativo y derecho de la competencia, analizan las recientes medidas adoptadas por el Consejo Monetario Nacional (CMN) de Brasil y la Secretaría de Premios y Apuestas (SPA/MF), así como su impacto en la industria del iGaming y las apuestas deportivas.
En este artículo, examinan cómo el nuevo marco regulatorio redefine los límites entre las apuestas, los instrumentos financieros y los modelos emergentes de mercados digitales, al tiempo que refuerza la Ley N.º 14.790/2023 como pilar central de la regulación del sector.
Por Rafael Brunati y Celso Basílio
El conjunto de medidas adoptadas recientemente por el Consejo Monetario Nacional (CMN) y la Secretaría de Premios y Apuestas del Ministerio de Hacienda (SPA/MF) representa un nuevo capítulo en la consolidación regulatoria del mercado brasileño de iGaming y apuestas deportivas.
Más que una respuesta puntual a los llamados mercados predictivos, las iniciativas señalan un intento más amplio de reorganizar los límites entre apuestas autorizadas, instrumentos financieros y actividades consideradas irregulares en el país.
La Resolución CMN N.º 5.298/2026 prohibió la oferta y negociación de derivados vinculados a apuestas, eventos deportivos, juegos en línea y temas políticos, electorales, culturales o de entretenimiento sin referencia económico-financiera.
En la misma línea, la Nota Técnica SPA/MF N.º 2.958/2026 encuadró las plataformas de mercados predictivos como explotación ilegal de apuestas de cuota fija, lo que derivó en el bloqueo de decenas de plataformas por parte de la Anatel.
El movimiento refuerza de manera clara la centralidad de la Ley N.º 14.790/2023 como marco regulatorio exclusivo para la explotación de apuestas de cuota fija en Brasil.
En la práctica, el gobierno ha comenzado a delimitar con mayor precisión quién puede operar en este mercado y bajo qué condiciones.
Las plataformas que buscaban posicionarse como mercados financieros, contratos de eventos o estructuras tecnológicas alternativas pasaron a ser tratadas materialmente como operadores de apuestas.
El mensaje regulatorio es directo: si el producto compite por el mismo público, utiliza una lógica económica similar a las apuestas y conlleva riesgo asociado a eventos futuros, tiende a quedar dentro del perímetro regulatorio de la SPA.
Desde la óptica regulatoria y de competencia, esto genera un efecto relevante para los operadores autorizados.
Las empresas que invirtieron en licencias, cumplimiento normativo, prevención de lavado de dinero, integridad deportiva, políticas de juego responsable y estructura regulatoria dejan de competir con plataformas que operaban al margen de estas exigencias mediante encuadres jurídicos alternativos. Se produce así un fortalecimiento indirecto del valor económico de la licencia regulatoria otorgada por la SPA.
Al mismo tiempo, este fortalecimiento viene acompañado de un aumento significativo de las obligaciones operativas y de cumplimiento.
Las recientes medidas también reabren un debate importante sobre los límites regulatorios de las llamadas betting exchanges y los modelos peer-to-peer.
La propia Nota Técnica SPA/MF N.º 2.958/2026 reconoce que la negociación entre apostadores y la existencia de precios dinámicos no desnaturalizan necesariamente la condición de apuesta de cuota fija. Esta interpretación es relevante porque acerca los mercados predictivos a las estructuras de bolsas de apuestas ya previstas en la Ley N.º 14.790/2023.
Este punto podría abrir espacio, en el futuro, para modelos regulados de betting exchange en Brasil, siempre que estén dentro del perímetro autorizado por la SPA.
Sin embargo, la regulación operativa de este formato aún no ha sido desarrollada por la autoridad, lo que mantiene un nivel importante de incertidumbre para los operadores interesados en innovación de producto.
Desde otra perspectiva, las medidas también tienden a generar una intensa judicialización. Existen debates relevantes sobre los límites de la competencia del CMN para restringir ciertos tipos de derivados, sobre la actuación interpretativa de la SPA respecto a los mercados predictivos y sobre el bloqueo de plataformas sin orden judicial.
Independientemente del desenlace de estas disputas, lo cierto es que el mercado brasileño de iGaming y apuestas deportivas entra en una nueva fase.
La lógica regulatoria deja de centrarse únicamente en la autorización formal para operar y pasa a incorporar de forma más intensa temas como integridad financiera, protección de usuarios vulnerables, gobernanza de datos, trazabilidad de pagos y supervisión operativa continua.
El sector continúa creciendo, pero ahora dentro de un entorno significativamente más sofisticado —y más exigente. Para los operadores autorizados, esto representa simultáneamente una barrera de entrada para competidores irregulares y un aumento relevante en los costos de cumplimiento. En un mercado cada vez más regulado, la diferencia competitiva tiende a depender menos de la capacidad de ofrecer apuestas y más de la capacidad de operar con seguridad regulatoria, integridad operativa y rápida adaptación a las nuevas exigencias del Estado.
Rafael Brunati, abogado en las áreas de Derecho Societario, Contratos, M&A y Private Equity, así como del sector bancario en Silveiro Advogados, es graduado en Derecho por la Universidad Presbiteriana Mackenzie, posee un LL.M en Derecho Societario por INSPER y es miembro de la Comisión de Derecho Bancario de la OAB/SP.
Celso Basílio, abogado en las áreas de Mercados Regulados, Telecomunicaciones, Contratos y Derecho de la Competencia en Silveiro Advogados, es máster en Derecho por la FGV Derecho SP, posee un LL.M en Derecho de los Contratos por INSPER y es graduado en Derecho por la Universidad Presbiteriana Mackenzie.
The post Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas appeared first on Americas iGaming & Sports Betting News.
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